International Seller!

[SherylLC]

I just saw that my accepted offer is for a contract from sellers from Japan. What does having International Sellers do the the purchase? Will the escrow be longer? Anything else?

 

[CastAStone]

Well for one thing Disney hasn’t ROFR’d an international contract in years. So you’re getting the contract.

 

[SherylLC]

Well for one thing Disney hasn’t ROFR’d an international contract in years. So you’re getting the contract.

Dang! I should have offered much less!

 

[sethschroeder]

Did they tell you up front that it was an international seller. Typically those contracts take longer to complete but not sure if it would add extra time now or not since the processing is taking so long normally.

 

[SherylLC]

Did they tell you up front that it was an international seller. Typically those contracts take longer to complete but not sure if it would add extra time now or not since the processing is taking so long normally.

It was in the details at the bottom...I just didn't see it!

 

[Cony]

My broker said if buyer is from US, it won't matter. The process is only longer if both buyer and seller are both outside US and require an additional step to obtain an ITIN for tax purposes.

 

[poofyo101]

Right now its been very difficult to get notary for international sellers. I have been waiting for over 4 months now.

 

[Marionnette]

You will have to deal with FIRPA. In an ideal world, your broker should withhold the tax money from the seller and pay it on your behalf. In practice, some buyers have had to deal with the bureaucratic mess that we call the IRS themselves either due to poor record keeping or broker negligence.

 

[Great3]

I had an international seller from Japan on one of my contract that I brought. It took about 3 weeks longer than normal since they had to schedule and wait for their appointment at the US embassy for notary service, but it went smoothly after that.

A good broker / title company will take care of withholding from the seller for you and remit the payment to the gov't (in my case, federal and state of Hawaii).

Great3

 

[Cyberc1978]

One thing that not everyone knows is that international sellers don’t NEED to go to a US embassy or consulate. They can of course but it’s not a requirement.

Instead sellers could instead go to a local notary and after get an apostille. That will be accepted as well and is just as good, and honestly that really don’t take any longer than if you need to go and do some heavy shopping so most should be able to handle both parts within 2 hours.

Also as a buyer you don’t need to worry about FIRPTA the title company will handle all that and it only takes longer for the seller not the buyer.

Of course if sellers really really wants to go to the US embassy then I agree it will take longer but I really don’t see the need for it.

 

[Aussie RJ]

Instead sellers could instead go to a local notary and after get an apostille. That will be accepted as well and is just as good, and honestly that really don’t take any longer than if you need to go and do some heavy shopping so most should be able to handle both parts within 2 hours.

So my advice worked then?

 

[Cyberc1978]

So my advice worked then?

Yes it worked, thanks a lot.

 

[soniam]

One thing that not everyone knows is that international sellers don’t NEED to go to a US embassy or consulate. They can of course but it’s not a requirement.

Instead sellers could instead go to a local notary and after get an apostille. That will be accepted as well and is just as good, and honestly that really don’t take any longer than if you need to go and do some heavy shopping so most should be able to handle both parts within 2 hours.

Also as a buyer you don’t need to worry about FIRPTA the title company will handle all that and it only takes longer for the seller not the buyer.

Of course if sellers really really wants to go to the US embassy then I agree it will take longer but I really don’t see the need for it.

Some countries have had delays in even visiting a notary due to lockdowns. I think it's better in most of Europe now, but back in March, April, and May, I think it was really hard. Our international seller from UK didn't seem to have any problems getting the notary in time.

 

[Winston Wolf]

Well for one thing Disney hasn’t ROFR’d an international contract in years. So you’re getting the contract.

Well this is good to read as I'm one day into ROFR on a contract from an international seller. Does Disney push them through any faster with it being international? Like... "International. Nope. Next..." or does it take the same amount of time?

 

[Cyberc1978]

Well this is good to read as I'm one day into ROFR on a contract from an international seller. Does Disney push them through any faster with it being international? Like... "International. Nope. Next..." or does it take the same amount of time?

it’s not faster for ROFR.

the entire process will most likely take longer time as international sellers either need to schedule a meeting at a US embassy or go to a local notary and then obtain an apostille for the signatures on the deed.

 

[Winston Wolf]

it’s not faster for ROFR.

the entire process will most likely take longer time as international sellers either need to schedule a meeting at a US embassy or go to a local notary and then obtain an apostille for the signatures on the deed.

Good! I didn't want it to go faster, lol.